true or false

1. From compensation income may be deducted allowable itemized deductionor optional standard deduction

2. Inter-corporate dividends are exempt from the payment of income tax as a general rule

3. A corporate tax payer includes partnerships, no matter how created or organized, joint-stock companies, joint accounts, associations, or insurance companies but does not include general professional partnerships and a joint venture or consortium.

4. Domestic corporations operating as proprietary educational institution subject to tax at ten percent (10%) on their taxable income are also subject to minimun corporate income tax (MCIT)

5. Improperly accumulated income tax shall not apply to banks and other non-banks financial intermediaries

6. Persons engaging in business as partners in a general professional partnership shall be liable for income tax as corporate tax payer